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CrowdStrike reported faster revenue growth than Okta in the latest quarter both companies reported: FY2027 Q2, ended July 31, 2026. CrowdStrike’s total revenue rose 26% year over year, compared with Okta’s 11%; subscription revenue grew 27% at CrowdStrike and 12% at Okta. That is a comparison of reported growth rates—not proof that the companies sell equivalent products or that one is the better investment.
How did CrowdStrike and Okta revenue growth compare in FY2027 Q2?
Both companies reported their second quarters of fiscal 2027 on August 26, 2026, for the quarter ended July 31, 2026. Fiscal-year labels do not correspond to calendar years. CrowdStrike’s release was filed as an exhibit to its Form 8-K; Okta published its results through its investor-relations site.
| Metric | CrowdStrike | Okta |
|---|---|---|
| Total revenue, FY2027 Q2 | $1.47 billion; up 26% year over year | $805 million; up 11% year over year |
| Subscription revenue, FY2027 Q2 | $1.40 billion; up 27% year over year | $793 million; up 12% year over year |
The latest quarterly figures show CrowdStrike had both the larger reported revenue base and faster year-over-year growth. Subscription revenue is especially relevant because it captures the recurring software portion of each company’s sales, but the reported growth rates do not erase differences in what their products do and how they are sold.
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Yes. In the completed fiscal year ended January 31, 2026, CrowdStrike reported $4.81 billion in revenue, up 22% year over year. Okta reported $2.919 billion, up 12% year over year. The annual results therefore match the direction of the FY2027 Q2 comparison: CrowdStrike reported faster growth from a larger revenue base.
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What do CrowdStrike ARR and Okta cRPO say about future growth?
Both companies reported indicators intended to provide insight into recurring business or future revenue, but they measure different things and should not be treated as interchangeable.
CrowdStrike: ARR
CrowdStrike reported $5.84 billion in annual recurring revenue (ARR) at the end of FY2027 Q2, up 25% year over year, including $332.8 million of net new ARR during the quarter. The company defines ARR by annualizing the value of customer subscription contracts as of a measurement date. Its calculation assumes contracts expiring within the next 12 months renew on existing terms and includes rules for active renewal discussions. ARR is therefore a company-defined operating measure—not recognized GAAP revenue or guaranteed future sales.
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CrowdStrike’s dollar-based net retention rate tracks changes in ARR for the same subscription customers, including expansion, contraction, and churn. The measure excludes incident-response and proactive-services revenue. That can help investors assess customer expansion and retention, but it is not the same as the company’s overall revenue growth.
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Okta reported $4.858 billion in remaining performance obligations (RPO), up 17% year over year, and $2.585 billion in current RPO (cRPO), up 14% year over year, in FY2027 Q2. Okta describes RPO as subscription backlog and cRPO as the portion it expects to recognize over the next 12 months. These figures provide a view of contracted work and near-term recognition expectations; they are not the same measure as CrowdStrike ARR.
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How do operating profitability and cash flow compare?
The two companies’ FY2027 Q2 operating-income figures tell different stories depending on the accounting basis. CrowdStrike reported a $33.2 million GAAP operating loss and $371.6 million in non-GAAP operating income. Okta reported $107 million in GAAP operating income and $226 million in non-GAAP operating income.
GAAP results use standardized accounting rules. Non-GAAP results exclude selected items under each company’s own definitions, so they are not a standardized cross-company measure. Investors comparing the non-GAAP figures should review each company’s reconciliation and adjustments rather than assuming the exclusions are identical.
Both companies generated substantial cash in FY2027 Q2. CrowdStrike reported $530.3 million in operating cash flow and $377.4 million in free cash flow; Okta reported $234 million and $227 million, respectively. For the fiscal year ended January 31, 2026, CrowdStrike reported $1.24 billion in free cash flow and Okta reported $863 million. These are dollar amounts, not margins: company scale and the period measured matter when interpreting them.
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What are the companies forecasting?
Okta’s revenue outlook
For FY2027, Okta forecast revenue of $3.216 billion to $3.226 billion, equivalent to 10% to 11% growth. It said that shifting some professional-services work to partners creates an approximately one-percentage-point headwind to reported revenue growth. The same FY2027 Q2 release forecast non-GAAP operating income of $830 million to $840 million and free cash flow of $910 million to $930 million. These are management estimates, not results already achieved.
CrowdStrike’s ARR outlook
CrowdStrike said it raised its FY2027 net-new-ARR growth outlook to 34% at the midpoint. This is a company-specific outlook for net-new ARR, not a total-revenue growth forecast, so it should not be compared directly with Okta’s 10% to 11% revenue-growth forecast.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What should investors take from the comparison?
- Growth: CrowdStrike reported faster total and subscription revenue growth in FY2027 Q2, and faster revenue growth for FY2026.
- Visibility indicators: CrowdStrike ARR and Okta RPO/cRPO offer different views of recurring contracts and expected revenue. Their definitions are not equivalent.
- Profitability: Okta reported GAAP operating income in FY2027 Q2 while CrowdStrike reported a GAAP operating loss; on a non-GAAP basis, both reported operating income.
- Cash generation: Both reported positive quarterly free cash flow, with different dollar totals and business scales.
- Outlook: Guidance is forward-looking and uses different metrics at each company; it is not a guarantee or a like-for-like forecast comparison.
The central conclusion is about reported financial trends, not product equivalence or investment merit. Investors evaluating either company should also weigh valuation, risks, execution, and their own investment objectives.
Quick Recap
Sources
- CrowdStrike FY2027 Q2 results release
- Okta FY2027 Q2 results release
- CrowdStrike FY2026 results
- Okta FY2026 results
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